by Eric Ruark
The November jobs numbers came out today and there was no substantive change in the U.S. labor market, meaning the situation is still dire for tens of millions of American workers. It also means that The New York Times continued to gush about “healthy job growth.” According to the Times, 161,000 new jobs created in October 2016 and the unemployment rate dipping down to 4.9 percent, “suggest[s] a healthy outlook for the months ahead.”
No, it suggests something much different.
Last month we pointed out how “jobs created” is different than number of “newly employed workers,” and that growth in employment has to be measured against the increase in the working-age population. The new jobs report illustrates this very well, as the number of people not working increased substantially more than the number of those who found work in October.
ERIC RUARK is the Director of Research for NumbersUSA
Updated: Fri, Nov 4th 2016 @ 3:21pm EDT
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From Numbers U.S.A. Original Story